During the DDA board meeting on Monday this week at Toke Historical site at Kabakada ward, Livuan Reimber LLG, the board deliberated on the report of the initial school fee grant of K300,000 managed by East New Britain Savings and Loans Society and has been expended.
Gazelle DDA Board chairman and Health Minister, Jelta Wong, said a total of 128 loan applications were received by ENBSL’s lending unit for assessment and deliberation.
“From the 128 loan applications, 68 applications amounting to K237,201 have been approved and released to respective institutions for clients in the five LLGs in Gazelle district,” he said.
Only 26 applications did not comply with the society’s lending terms and conditions and thus were rejected.
“There is now a balance of K62,799 which is not sufficient to cater for the remaining 34 loan applications amounting to K102,120 so we must immediately release K200,000 to ENBSL to cater for the outstanding applications,” Minister Wong said.
He said the aim of the tertiary school fee scheme is to provide school fee assistance to parents and guardians to be self-reliant and self-sustainable, equal access to the funding and to drive financial inclusion.
Minister Wong clarified that the loan amount is 50 percent of the tuition fees, with interest rate one percent per month in 12 months or less and repayment terms monthly. Minister Wong said the average loan amount as per the 68 approved loan applications was K3,500.
“This program is seen to be working and growing. It is also educating our people so we have to put more money into it and give chance to more people to get loans to assist in tertiary school fees.”
The board resolved to review the MOU with ENBSL and pay the balance of K200,000 to ENBSL.